CryptoTale News

Victory Fintech secures VDX license as Hong Kong adds another regulated crypto venue.

New approval strengthens the city’s push for a compliant and supervised digital asset market.

The VDX license aligns Victory Group services with Hong Kong’s expanding oversight framework.

Hong Kong has added another operator to its regulated crypto roster, widening a market it has spent years trying to shape into something predictable and compliant. Victory Fintech Company Limited is the latest to cross the line, securing the VDX Virtual Asset License that brings its trading platform under the Securities and Futures Commission’s supervision.

The update appeared on the SFC’s public register on February 13, confirming the company’s CE Ref: BTF116 status and marking its formal entry into the list of licensed virtual asset trading platforms. The approval folds Victory Fintech into a group that now numbers at least a dozen operators.

With the VDX Virtual Asset License taking effect the same day, the platform can run as a regulated venue inside Hong Kong’s maturing digital asset framework. The move arrives during a period of intensified regulatory refinement, and it gives the firm the legal footing required to operate without uncertainty.

Licensing Under SFO and AMLO

Regulatory clearance spans two pillars. Under the Securities and Futures Ordinance, Victory Fintech is authorized for Type 1 dealing in securities and Type 7 automated trading services. Those two categories form the operational backbone for exchange activity in Hong Kong, allowing a platform to handle client orders and provide system-driven trading functions.

A second approval comes through the Anti-Money Laundering and Counter-Terrorist Financing Ordinance. That license covers the operation of a virtual asset trading platform, an increasingly scrutinized segment as the city works to lock down compliance gaps. Combined, the permissions bring the VDX Virtual Asset License into full force and place the company squarely inside the SFC’s supervisory structure.

Notably, the regulator’s licensing regime is not known for its leniency. Platforms must demonstrate cybersecurity readiness, AML safeguards, operational resilience, and decision-making governance before any approval is issued. Besides, the public register remains the SFC’s primary signal to investors regarding who is authorized and who is still waiting in the queue.

Expanding the Regulated Market

On a broader scale, the addition of Victory Fintech widens a field already anchored by names such as OSL Digital Securities Limited and Hash Blockchain Limited. More recent entrants, PantherTrade, YAX (Hong Kong) Limited, and Bullish HK Markets Limited, have also joined the list as the city pivots toward a fully supervised crypto environment.

Essentially, Hong Kong built its virtual asset rules to offer clearer protections than offshore venues, and regulators continue to emphasize that firms on the applicants list have not yet met the required thresholds. The VDX Virtual Asset License now positions Victory Fintech among operators that can serve both local and institutional participants without regulatory ambiguity.

Integration Within the Victory Group

The license also has implications beyond the exchange. Victory Securities, an affiliate within the wider Victory Financial Group, already holds approvals to provide virtual asset-linked services, including discretionary account management.

The new authorization, on the other hand, allows Victory Fintech to fold its trading operations into that ecosystem, giving the group a broader, regulated toolkit that spans execution, wealth management, and structured offerings.

Related: Amberdata Report Correlates WLFI Plunge With BTC Collapse

Competitive and Policy Landscape

Hong Kong’s regulatory push is partly driven by its rivalry with other financial hubs. Authorities have loosened certain trading-related rules, including allowing licensed platforms to share order book data with affiliated overseas venues.

These adjustments are meant to support liquidity and attract global order flow. The SFC’s ASPIRe Roadmap has also opened pathways for financing products and expanded professional-investor options in the digital asset space.

With Victory Fintech now fully licensed, the city’s regulated market reflects an industry moving toward structure rather than experimentation, aiming to balance innovation with a firmer compliance spine.

The post Hong Kong Grants VDX Virtual Asset License as Victory Fintech Joins SFC List appeared first on Cryptotale.

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YZi Labs advances board expansion through a revised SEC consent filing process.

The CEA has  firmly denied delisting risk and confirms adherence to Nasdaq rules.

Ongoing SEC review reflects tighter oversight of crypto-linked governance actions. 

YZi Labs, formerly known as Binance Labs, filed a revised preliminary consent with the U.S. Securities and Exchange Commission, targeting Nasdaq-listed CEA Industries. The filing forms part of an ongoing governance contest as YZi Labs seeks to expand CEA’s board and elect its nominees while regulators continue their review.

The submission follows a simplified S-3 registration statement that YZi Labs filed in September 2024. That earlier filing marked the beginning of its formal regulatory engagement related to CEA Industries.

YZi Labs makes a new SEC move !

YZi Labs has submitted a revised preliminary consent filing to the U.S. #SEC for Nasdaq-listed CEA Industry, following an earlier S-3 registration, with the application currently under regulatory review.#NASDAQ #Blockchain #CryptoTale pic.twitter.com/KRrswezjtn

— CryptoTale (@cryptotalemedia) February 16, 2026

At the same time, CEA Industries stated it remains fully compliant with Nasdaq listing standards. The company rejected claims of regulatory violations and denied any risk of delisting.

Governance Contest Takes Center Stage

YZi Labs and its affiliates own 2,150,481 shares of CEA Industries common stock. With that stake, the firm launched a consent solicitation campaign aimed at reshaping the company’s board structure.

The group uses a WHITE consent card to gather shareholder support for its proposed changes. Through this process, YZi Labs seeks to secure the election of its nominees and expand board representation.

According to the regulatory filing, the initiative centers on corporate governance. If shareholders approve the proposal, the board’s composition could shift and influence future corporate strategy.

CEA Industries pushed back against certain claims linked to compliance. The company stated that it changed its fiscal year-end to align with its largest operating business and disclosed the decision in a Form 8-K filing.

It also addressed concerns about delays in holding its annual meeting. The company maintained that it complied with Nasdaq rules and rejected any suggestion of listing violations.

The SEC now reviews YZi Labs’ amended proxy materials. That review will determine the next procedural steps in the governance contest.

From S-3 Filing to Revised Consent

YZi Labs began its regulatory process in September 2024 when it submitted a Form S-3 registration statement. Companies that meet reporting requirements use the S-3 for certain securities offerings. The recent revised preliminary consent reflects an updated submission within the SEC review process. Regulatory practice shows that revised filings often respond to requests for clarification or additional information.

The SEC conducts methodical reviews, particularly when filings involve blockchain-related enterprises. In this case, YZi Labs adjusted its documentation as part of that structured review.

The filing represents another case of digital asset companies operating in accordance with existing financial regulations. Companies are moving towards regulatory compliance as institutional investors are entering the market in growing numbers. 

Shareholder-written consents have emerged as a mechanism for shareholders in various industries to shape board membership decisions. The governance methods AMC Networks uses to change its indenture demonstrate that other sectors are using the same strategies. 

Financial compliance specialists assert that revised preliminary consents indicate that issuers and regulators are continuing their ongoing discussions. The SEC conducts its regular review process through these types of exchanges.

Related: BitGo NYSE Listing Draws YZi Labs Backing for Crypto Trust

Broader Regulatory Context

The interaction between cryptocurrency ventures and regulators continues to evolve. Market growth, technological innovation, and investor protection shape that relationship. Institutional participation has increased demand for clear compliance standards. At the same time, new financial products require regulatory scrutiny.

The SEC maintains its primary focus on protecting investors through its regulatory activities. The regulators aim to stop fraudulent activities while examining new filings to maintain the integrity of financial markets. YZi Labs’ activities in this environment demonstrate how blockchain-based organizations join with established financial markets. Other firms may watch closely as the SEC proceeds with its review.

If shareholders approve YZi Labs’ proposal, CEA Industries could see a change in board leadership. How might that reshape the company’s future direction? For now, the SEC continues its review of the amended proxy statement. CEA Industries maintains that it complies with Nasdaq rules and faces no delisting risk as the process unfolds.

The post Escalating the SEC Proxy Battle Against the CEA Board”: YZi Labs appeared first on Cryptotale.

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WLFI trading volume expanded 21.7 times the baseline within minutes of tariff headlines.

Perpetual funding reached 2.87% per eight hours, implying 131% annualized stress.

The erosion of WLFI collateral triggered market liquidations in Bitcoin and Ethereum.

World Liberty Financial Token (WLFI) declined sharply more than five hours before a $6.93 billion crypto liquidation wave struck on Oct. 10, 2025, according to a new Amberdata report. During the crash, Bitcoin fell about 15%, and Ether dropped roughly 20%, while several smaller tokens plunged up to 70%. 

Amberdata said WLFI’s early divergence occurred while Bitcoin still traded near $121,000 and showed little visible stress, raising questions about whether the governance token signaled broader market strain before the cascade began.

Amberdata examined trading patterns from that day and found that WLFI’s decline started hours before the broader selloff accelerated. Mike Marshall, who authored the report, said the five-hour gap stood out. “A five-hour lead time is hard to dismiss as a coincidence,” Marshall said. He added that such a duration separates an actionable warning from a statistical anomaly.

The report does not allege insider trading. Instead, it argues that crypto market structure can amplify certain assets beyond their size.

Unusual Trading Patterns Before the Crash

Researchers identified three unusual patterns in WLFI trading before the market broke lower. First, WLFI’s hourly volume surged to about $474 million, roughly 21.7 times its typical level. That spike appeared within minutes of tariff-related political news entering the public domain.

Second, WLFI diverged sharply from Bitcoin during that period. While Bitcoin held near $121,000, WLFI began sliding. Marshall described the activity as “instrument-specific,” meaning traders focused heavily on WLFI rather than the broader crypto complex.

NEW: TRUMP-LINKED WLFI MAY HAVE WARNED OF CRYPTO CRASH HOURS EARLY

US President Donald Trump-linked ( @realDonaldTrump ) @worldlibertyfi ( $WLFI ) began falling over five hours before the Oct. 10, 2025 market collapse, a new Amberdata report says, according to @Cointelegraph.… pic.twitter.com/S1wUYb68Vg

— BSCN (@BSCNews) February 16, 2026

“If this were superior analysis, you’d expect to see that reflected more broadly,” Marshall said. “What we actually saw was concentrated activity in WLFI first.” He added that the pattern suggested targeted execution rather than general market repositioning.

Third, leverage intensified around WLFI. Funding rates on WLFI perpetual futures reached about 2.87% every eight hours. That level translated into an annualized borrowing cost near 131%, reflecting aggressive positioning.

Trading volume accelerated roughly three minutes after public tariff news broke. Marshall said that speed suggested prepared execution rather than retail traders reacting in real time.

Related: WLFI Drops 8% as Bearish Trend Deepens: What Comes Next?

How WLFI’s Drop Spread Across Markets

The report links WLFI’s early decline to the broader crash through collateral mechanics. Many crypto exchanges allow traders to post various tokens as collateral for leveraged positions. When WLFI’s price fell, the value of that collateral dropped quickly.

As collateral values shrank, traders faced margin calls. To cover positions, they sold more liquid assets such as Bitcoin and Ether. Those sales pushed prices lower and triggered further liquidations across the market.

Amberdata described WLFI as a “liquidity sponge” because of its vast supply and concentrated holder base. According to the report, politically connected participants hold a large share of the token. By contrast, Bitcoin ownership remains widely distributed.

Early selling by that concentrated group can trigger cascading reactions before the broader market adjusts. In the October event, WLFI began declining more than five hours before Bitcoin reacted to tariff headlines. That divergence, Amberdata said, created a flow-based early warning signal for traders watching price and volume shifts.  

Political Catalysts and Ongoing Risks

The report also identifies a near-term catalyst: the Mar-a-Lago “World Liberty Forum” scheduled for February 18. Amberdata said such events can create narrative windows that amplify price action around politically sensitive tokens.

Recently, WLFI rose about 12% within 24 hours ahead of that forum. Amberdata noted that traders should monitor whether price action aligns with event outcomes or diverges again, potentially revealing pressure beneath the surface.

At the same time, WLFI carries what the report calls a persistent “amber alert” status. Community warnings about scams or suspicious on-chain activity can spark rapid selling. Combined with concentrated ownership and political sensitivity, those alerts add another layer of volatility.

Against that backdrop, the October 10 episode raises a central question: can a politically linked governance token continue to act as a leading indicator for broader crypto market stress?

The post Amberdata Report Correlates WLFI Plunge With BTC Collapse appeared first on Cryptotale.

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Bitcoin logs its first-ever January and February losses together in a single calendar year.

Institutional caution grows as U.S. spot Bitcoin ETFs record over $410M in net outflows.

Long-term trend markers reappear as Bitcoin retests levels tied to past market turning points.

Bitcoin has opened 2026 with a statistical first. For the first time on record, the asset closed both January and February in the red within the same calendar year. Market data from CoinGlass shows January ended down 10.17%, followed by a 12.12% decline in February.

The back-to-back losses stand out against more than a decade of monthly return data. Since 2013, early-year performance has often set the tone for broader cycles. This time, however, the pattern has shifted, with the price now trading below $70,000 and institutional flows turning negative.

Current Price Structure and ETF Flows

January has always been an uneven month for Bitcoin, sometimes up, often down, but usually tame when averaged out over time. Per records, long-term numbers hover at a modest +2.81% on average, with a median near break-even.

Even years that opened in the red typically recovered by February. Historically, this month has been far more supportive. Across more than a decade of tracked returns, the month posts an average gain of +11.31% and a median of +11.68%.

Source: X

Several cycles recorded standout performances, including 2013’s +61.77%, 2017’s +23.07%, 2021’s +36.78%, and the sharp rebound in 2024 at +43.55%. Downside Februaries, however, have also appeared in 2014, 2020, and 2025, among them, but not in tandem with a January decline of this scale.

The 2026 combination has no prior match in the monthly heatmap. Seasonal data usually shows a lift as spring approaches. March and April tend to rank among stronger stretches, averaging +12.21% and +13.06%.

Later in the year, October and November frequently deliver outsized returns. September, nonetheless, remains the historical drag, averaging -3.08%, which makes the early-year slump stand out even more.

Price Action and ETF Pressure

At press time, Bitcoin trades around $68,278, down roughly 3% on the day, with volume slipping to $37.58 billion. Besides, the price sits below short- and medium-range moving averages: $68,677 over seven days and $78,588 over 30. These levels are not rigid signals on their own, yet together they show a market losing momentum rather than building it.

Source: SoSoValue

A second day of heavy withdrawals from U.S. spot Bitcoin ETFs has added strain. SoSoValue recorded $410.37 million in net outflows on Feb. 12, underscoring a risk-off tilt among institutional desks. ETF inflows helped drive prior rallies; outflows now serve as the opposite force, draining support during a delicate stretch.

Source: CoinMarketCap

Meanwhile, the CMC Altcoin Season Index has dropped to 34 after a sharp slide, suggesting a pullback into liquidity over speculation. Traders appear more focused on capital preservation than rotation into smaller assets.

Related: PIPPIN Price Soars 50% to $0.28: Can the Bull Run Break Higher?

Long-Term Indicators Reenter View

Analysts watching broader cycle markers are revisiting levels that previously aligned with turning points. According to market researcher Master of Crypto, Bitcoin spent about 270 days under its 200-week moving average before climbing back above it.

Bitcoin spent ~270 days below the 200W MA before reclaiming it.

Then another ~220 days of sideways chop before the real breakout.

Nearly 500 days of testing one key level.

Now price is pulling back toward the 200W MA again.

If history repeats, this zone is not the end – it’s… pic.twitter.com/xEsqu9v4tU

— Master of Crypto (@MasterCryptoHq) February 16, 2026

Once reclaimed, it drifted sideways for nearly 220 days. In total, the interaction with that long-term trend stretched across roughly 500 days before the next expansion phase. That historical pattern matters again as price leans back toward the same multi-year average.

Another indicator gaining attention is the estimated production cost. Analyst Michael Van De Poppe notes that the spot price is approaching the lower boundary of miners’ expense models. Similar compressions appeared near major cycle lows in 2015, 2018, and 2022. Each time, the price hovered near production cost before broader market conditions shifted.

Source: X

With Bitcoin still under $70,000, ETFs shedding capital, and historical baselines reappearing in analysis, the early months of 2026 are shaping up as an unusually heavy start to the year, one without a clear historical parallel.

The post Bitcoin Posts Historic Two-Month Loss as Price Falls Below $70K appeared first on Cryptotale.

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Retail investors raised Bitcoin and Ethereum balances despite sharp market swings.

February wallet balances exceeded December levels despite sharp volatility swings

With the release of accumulation data, Coinbase’s stock increased by 16.46 percent.

Coinbase CEO Brian Armstrong said retail investors bought Bitcoin and Ethereum during early 2025 price declines, according to internal exchange data. He stated that retail wallet balances in February stood higher than in December despite price swings. Meanwhile, Coinbase Global Inc. shares closed at $164.32 on February 13, up 16.46%.

Armstrong shared the data publicly and described retail users as resilient during recent market conditions. He said users increased native unit holdings across BTC and ETH. He added that many customers held assets through volatility rather than selling.

Retail users on Coinbase have been very resilient during these market conditions, according to our data:

– They’ve been buying the dip – we’ve seen a native unit increase for retail users across BTC and ETH

– They have diamond hands – vast majority of customers had native unit…

— Brian Armstrong (@brian_armstrong) February 15, 2026

The disclosure comes as cryptocurrency markets faced sharp price swings in early 2025. Bitcoin moved between defined support and resistance levels. Despite these fluctuations, retail activity showed steady accumulation.

Retail Accumulation During Volatility

Armstrong stated, “Retail users on Coinbase have been very resilient during these market conditions, according to our data: They’ve been buying the dip—we’ve seen a native unit increase for retail users across BTC and ETH.”

He also said retail wallet balances in February exceeded December levels even after price peaks and troughs. He noted that many users displayed what crypto-lore scholars call “diamond hands,” holding assets during downturns.

Market analysts have observed similar patterns in previous cycles. Armstrong’s data confirms the existence of this trend in modern times. Retail behavior showed different results compared to institutional strategies, which used short-term price changes and macroeconomic indicators for their operations.

Related: Brian Armstrong Explains Coinbase Insider Sales Strategy

Multiple factors created the conditions that led to this accumulation pattern. Investors learned about market cycles and long-term adoption trends through their financial education programs. The real-time data, which covered multiple platforms, enabled users to make better decisions.

At the same time, many investors maintained conviction in blockchain technology’s potential. Portfolio strategies evolved toward systematic investment approaches instead of emotional trading. Younger investors also showed different risk tolerance and longer investment horizons.

Economic uncertainty in early 2025 shaped portfolio decisions. With traditional markets facing interest rate and inflation concerns, some retail investors allocated funds to digital assets as diversification. In that context, what does steady retail accumulation suggest about long-term cryptocurrency conviction?

Coinbase Stock Rallies on February 13

Coinbase Global Inc. closed sharply higher on February 13, according to Google Finance. The stock settled at $164.32 on the NASDAQ. Shares gained $23.23 on the day, marking a 16.46% increase from the previous close of $141.09.

After-hours trading extended the move. The price reached $166.15, rising $1.83 or 1.11%. The one-day chart showed early volatility after the market opened at 10:00 a.m. The stock dipped below $150 shortly after the open. It then rebounded above $160 before midday. Through the afternoon, shares traded in a narrow mid-$160 range and ended near session highs.

Source:  Google Finance

The reported day range stood between $146.16 and $167.65. Coinbase holds a market capitalization of $44.31 billion. The company reports an average trading volume of 11.21 million shares. Its price-to-earnings ratio stands at 14.22. The listing shows no dividend yield. The 52-week range spans from $139.36 to $444.65.

Armstrong’s disclosure coincided with the stock’s sharp move. Retail customers either bolstered or maintained Bitcoin and Ethereum holdings during recent market weakness, according to the exchange’s internal data and Armstrong’s public remarks.

The post Coinbase Data Shows The Investing Trend of Retail Traders appeared first on Cryptotale.

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Russia sets a 2026 review for a state-backed stablecoin amid shifting policy views.

New crypto rules may pass this spring, giving markets clearer operating ground.

Sanctions pressure and foreign frameworks push Moscow to explore digital options.

The Russian Central Bank is preparing to revisit an idea it has resisted for years: whether the country should issue a ruble-backed stablecoin. The shift surfaced during remarks by First Deputy Chairperson Vladimir Chistyukhin at the Alfa Talk conference in Moscow, where he confirmed that a full study is scheduled for 2026.

His comments, relayed by TASS, mark one of the clearest signs that the regulator is opening the door, if only slightly, to a tool it once dismissed outright. Chistyukhin said the review will reassess earlier objections, noting that developments abroad now warrant a closer look.

Once the research is complete, the findings will be put out for public discussion, giving lawmakers and markets their first formal window into the bank’s evolving position.

A Policy Reassessment After Years of Resistance

The Russian Central Bank spent years warning against the circulation of private digital assets, insisting that the digital ruble would be the only acceptable state-aligned alternative. Yet that line began to blur in 2025.

The regulator authorized an experimental regime for crypto transactions, then loosened restrictions on crypto derivatives soon after. By December of that year, the bank had outlined a broader regulatory blueprint.

The paper proposed recognizing decentralized cryptocurrencies, including Bitcoin and various stablecoins, as “monetary assets.” It also called for a licensing regime to bring digital asset exchanges into a cleaner legal framework.

Even with those changes, officials kept pointing back to a single principle: the Russian ruble would remain the only legal tender. The upcoming review, however, does not signal a policy reversal; rather, it reflects a regulator trying to keep pace with a fast-moving landscape that no longer fits its older prohibitions.

Legislative Backing Expected in Spring Session

Chistyukhin also told reporters that the Russian Central Bank and the government expect the long-pending crypto regulation bill to clear the State Duma during the spring session. The legislation is designed to standardize how digital asset businesses operate inside the country.

If passed, it would give courts, regulators, and licensed platforms a clearer rulebook. Moreover, the study on a potential stablecoin will run alongside that legislative process, suggesting that the regulator does not want to move on one issue without clarity on the other.

Global Developments Influence Domestic Strategy

On the broader scale, global regulatory momentum is playing an unusually direct role in Moscow’s considerations. In the United States, the GENIUS Act has imposed structure on dollar-pegged stablecoins.

Across Europe, MiCA rules and the digital euro program have pushed the region toward formal oversight of euro-denominated tokens. These developments have not gone unnoticed in Moscow, where policymakers now see room to examine how similar instruments might fit into Russia’s monetary system.

Essentially, a ruble-backed stablecoin would differ from the digital ruble, which is issued directly by the state. Instead, it would function more like a tokenized instrument operating in markets that increasingly rely on regulated reserves and transparent backing.

Related: Ripple CEO Calls XRP North Star for Long-Term Plan Growth

Sanctions and Market Demand Shape Debate

Russia’s financial isolation has accelerated interest in digital settlement tools. As a result, entities affected by sanctions have turned to digital assets to manage cross-border payments where traditional banking channels stumble or shut.

One example gaining traction is A7A5, a ruble-referenced stablecoin operating through infrastructure in Kyrgyzstan. Its rising transaction activity highlights a demand that the Russian Central Bank can no longer ignore.

By committing to a structured study, the Russian Central Bank appears intent on understanding whether a domestic stablecoin could reinforce monetary sovereignty without undermining financial stability. How far that review will go remains unclear, but for the first time, the question is officially on the table and no longer theoretical.

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Cryptocurrency flows linked to trafficking networks rose sharply worldwide in 2025.

Stablecoins currently anchor escort and prostitution payment structures globally.

Subscriptions and cryptocurrency laundering are two ways that CSAM markets grow.

Cryptocurrency transactions tied to suspected human trafficking services surged 85% year over year in 2025, reaching hundreds of millions of dollars, according to a new report from Chainalysis. The firm said the figures reflect only financial activity, while the real harm lies in the lives affected.  Investigators linked the spike to Southeast Asia–based scam compounds, online gambling platforms, and Chinese-language money laundering networks operating through Telegram. 

Although blockchain records expose financial trails, these networks continue to expand across borders. Chainalysis identified four main categories of suspected cryptocurrency-facilitated trafficking. These include Telegram-based “international escort” services, labor placement agents tied to scam compounds, prostitution networks, and child sexual abuse material vendors. 

Each category shows distinct payment and transaction patterns that allow analysts to track operational structures.

Stablecoins Dominate Escort and Prostitution Networks

“International escort” services and prostitution networks rely almost entirely on stablecoins. Chainalysis found that nearly half of transactions on Telegram-based escort services exceed $10,000. Specifically, 48.8% of transfers surpassed that threshold, indicating organized operations with structured pricing.  

By contrast, prostitution networks show mid-range payments. About 62% of transactions fall between $1,000 and $10,000, suggesting agency-level coordination rather than isolated actors. These payment tiers create predictable blockchain footprints.

Chainalysis also documented structured business models. One operation is advertised across major East Asian cities with prices from 3,000 RMB for hourly services to 8,000 RMB for extended arrangements, including international transport. Such standardized pricing produces identifiable transaction clusters for compliance teams.

Moreover, these escort services connect closely with Chinese-language money laundering networks and guarantee platforms such as Tudou and Xinbi. These services convert USD stablecoins into local currencies quickly. This rapid conversion may reduce concerns about asset freezes by centralized issuers.

Labor placement agents show similar financial patterns. Recruitment payments usually range from $1,000 to $10,000. These figures align with advertised pricing tiers shared in Telegram channels. Administrators even discuss methods to move detained workers across borders, including during Thailand–Cambodia tensions.

Related: North Korean Crypto Thefts Hit Record $2B in 2025: Chainalysis

Chainalysis linked one recruitment channel administrator to the “Fully Light Group,” a Kokang-based organization previously flagged by the United Nations Office on Drugs and Crime for illegal gambling and money laundering. 

CSAM Networks Shift Financial Tactics

Child sexual abuse material vendors show a different pattern. About half of related transactions fall under $100, reflecting low subscription fees. Many services now operate on monthly subscription models rather than pay-per-content systems.

While Bitcoin once dominated these payments, Chainalysis found that users increasingly adopted alternative Layer 1 networks. Operators increasingly turn to Monero for laundering proceeds from their illegal activities. The users depend on instant exchangers, which perform cryptocurrency swaps without requiring know-your-customer verification.

Geographic data revealed heavy use of U.S.-based infrastructure for clear web CSAM sites. IP addresses in South Korea, Spain, and Russia also appeared, though with smaller flows. Analysts said operators may leverage U.S. hosting for scale and reliability.

Chris Hughes, Internet Watch Foundation Hotline Director, said the organization identified 312,030 reports containing child sexual abuse images and videos in 2025, marking a 7% increase from the previous year. He stated, “Any payment information that we identify on commercial websites is captured and shared with global law enforcement and organizations like Chainalysis to disrupt further distribution.”

Global Reach and Monitoring Indicators

Geographic analysis shows that Chinese-language escort services operate across mainland China, Hong Kong, Taiwan, and Southeast Asia. Transaction flows also originated from Brazil, the United States, the United Kingdom, Spain, and Australia. These cross-border transfers reveal global reach.

Chainalysis outlined several monitoring indicators. The indicators derived from their study include two main components: large recurring payments to labor agents and high-volume activity through guarantee platforms and wallet clusters that connect to multiple illegal operations, stablecoin conversion cycles, and links to Telegram recruitment channels. 

The investigators from this study investigate one main question that emerges from the growing use of cryptocurrency. The question they investigate asks whether blockchain technology can provide transparency that outmatches the fast development of trafficking networks.

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Overall inflation remains within projections, and the headline CPI cools to 2.4%.

Monthly gains are driven by housing costs, while energy and gas prices decline.

Bitcoin improves by 3.88% as liquidity and Treasury returns influence the market.

Markets reacted to January U.S. inflation data showing headline CPI at 2.4% year over year, below the 2.5% estimate. Core inflation prints 2.5%, in line with forecasts, while Bitcoin trades near $68,894 and Treasury yields hover around 3.52%. Headline CPI rises 0.2% in January on a monthly basis, while core increases 0.3%, seasonally adjusted. 

The Bureau of Labor Statistics identifies shelter as the largest contributor to the monthly gain. Shelter climbs 0.2% during the month and stands 3.0% higher over the year.

Energy declines 1.5% in January, and gasoline drops 3.2% on a seasonally adjusted basis. Airline fares surge 6.5% during the month, while used cars and trucks fall 1.8%. Motor vehicle insurance slips 0.4%. Over 12 months, food prices rise 2.9% and energy edges down 0.1%.

Data Gaps and Market Reaction

The BLS notes missing CPI data for October and November 2025 due to a lapse in appropriations. The Cleveland Fed’s nowcasting page also flags the delayed October 2025 release tied to last year’s government shutdown.

Those gaps leave holes in the official record. As a result, models and proxy estimates take on greater weight in forecasting. Market participants factor that uncertainty into pricing decisions.

Once the data posts, short-term interest rates adjust quickly. The 2-year Treasury yield stands near 3.52% on Feb. 11, up from 3.45% the prior day, according to FRED. That yield sets a baseline return and competes directly with risk assets.

Bitcoin and Liquidity Conditions

Bitcoin trades at $68,894.65, gaining 3.88% over 24 hours, according to CoinMarketCap. The intraday chart from 12:00 PM through 9:00 AM on Feb. 14 shows a rebound from $66.16K toward the $68.89K range.

Market capitalization reaches $1.37 trillion, up 3.89%. Meanwhile, 24-hour trading volume falls 16.54% to $36.65 billion, placing the volume-to-market-cap ratio at 2.66%. Fully diluted valuation stands at $1.44 trillion.

The total supply of Bitcoin amounts to 19.98 million BTC, while the maximum supply reaches 21 million. The circulating supply stands at 19.98 million BTC, while the treasury holdings contain 1.17 million BTC. Bitcoin has a perfect profile score of 100, which attracts more than 6 million viewers to its content.

Inflation in Daily Life

The all-items index shows a 12-month increase of 2.4%, representing a  2.7% decrease from the rate observed in December. The core inflation rate remains unchanged at 2.5% when measured on an annual basis. The different expense categories, which include shelter, food, insurance, and travel expenses, determine how families spend their money.

Related: US Inflation Cools Down To 2.8%, But Tariffs Pose Risks

People most frequently encounter inflation through their housing expenses, food purchases, and insurance costs. The prices of airline tickets experience great fluctuations, while energy costs change every month. These price changes cause people to alter their spending habits and their emotional state.

The 2.4% CPI report indicates that inflation is decreasing. The housing market experiences a 3.0% yearly increase, while food costs experience a 2.9% yearly increase. What will be the next market reaction to the Treasury yields, which are currently at 3.52%, and the DefiLlama report, which showed stablecoin liquidity of $307 billion?

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Truth Social files Bitcoin, Ether, and CRO ETFs amid $410M Bitcoin ETF outflows.

BlackRock IBIT leads withdrawals with $157.56M in major single-day redemptions.

Proposed ETFs include staking rewards exposure and carry a 0.95% management fee.

Trump Media’s Truth Social has moved to expand its digital asset ambitions, filing with the U.S. Securities and Exchange Commission for two new crypto exchange-traded funds as institutional money flows turn negative across major products. The applications arrive during a week marked by sharp outflows from spot Bitcoin and Ethereum ETFs.

TRUTH SOCIAL FILES FOR TWO CRYPTO ETFs

Trump Media’s Truth Social Funds filed with the SEC for two cryptocurrency ETFs. One, the Cronos Yield Maximizer ETF, targets CRO plus staking rewards; the other, the Bitcoin and Ether ETF, tracks BTC and ETH plus Ether staking.

Crypto…

— *Walter Bloomberg (@DeItaone) February 13, 2026

Yet, the filings, submitted by Truth Social Funds, seek approval for the Truth Social Cronos Yield Maximizer ETF and the Truth Social Bitcoin and Ether ETF. Per the report, the proposed products would provide exposure to Cronos (CRO), Bitcoin, and Ether, while also incorporating staking rewards where applicable. The registration statements remain under SEC review and are not yet effective.

Dual ETF Strategy Targets Yield and Price Exposure

According to the filing, the Truth Social Cronos Yield Maximizer ETF aims to track the performance of CRO, the native token of the Cronos ecosystem, plus staking rewards associated with the asset.

The second product, the Truth Social Bitcoin and Ether ETF, is designed to reflect the combined performance of Bitcoin and Ether, alongside Ether staking rewards. Besides, both funds will be advised by Yorkville America Equities, LLC, with an expected management fee of 0.95%.

On the other hand, Truth Social Funds is joining hands with Crypto.com for operational support. Subject to regulatory approval, Crypto.com is expected to provide digital asset custody, liquidity, and staking services. The ETFs would be available for purchase through Crypto.com’s affiliated broker-dealer, Foris Capital US LLC.

Steve Neamtz, president of Yorkville America Equities, said the firm intends to offer investors exposure to both capital appreciation and income opportunities through digital asset products. Kris Marszalek, co-founder and CEO of Crypto.com, confirmed the company’s role in custody, liquidity, and staking support.

Related: Scott Bessent Calls for Clarity Act as Bitcoin Slide Deepens

Filings Land Amid Sharp ETF Outflows

The announcement comes as U.S.-listed spot Bitcoin ETFs recorded a combined net outflow of $410.37 million on February 12. Notably, no Bitcoin ETF reported daily inflows on that date. Data from SoSoValue showed BlackRock’s IBIT registered the largest daily withdrawal at $157.56 million.

Source: SoSoValue

Fidelity’s FBTC followed with $104.13 million in outflows, while other Bitcoin ETFs also posted withdrawals. WisdomTree’s BTCW and Hashdex’s DEFI were the only funds reporting no inflows or outflows. Ethereum-linked products, on the other hand, also recorded net outflows totaling approximately $113.10 million on the same day.

Source: SoSoValue

Despite negative institutional flows, Bitcoin posted a 24-hour gain of roughly 5%. However, it remained below the $70,000 level, a price point it has yet to break decisively in recent sessions.

Related: South Korea Tightens Crypto Oversight to Track Hidden Assets

Broader Cronos Strategy Underpins Expansion

On a broader scale, Friday’s ETF filing builds on a previously disclosed strategic partnership between Trump Media and Crypto.com. Under that agreement, Trump Media was set to acquire 684.4 million CRO tokens at an approximate price of $0.153 per token.

Moreover, the transaction structure included a 50% stock and 50% cash exchange. It also outlined the creation of a Trump Media Group CRO Strategy aimed at integrating Cronos into the company’s broader digital asset initiatives.

Market reaction to the ETF filing appeared measured. Shares of Trump Media (DJT) rose about 2.5% during Friday’s session, trading near $11.18. The registration statements specify that the securities described in the prospectus may not be sold, nor may offers to buy be accepted, until the SEC review process is completed and the filings become effective.

The timing of the ETF applications places Truth Social’s crypto expansion against a backdrop of declining institutional inflows. While spot demand for Bitcoin showed resilience in price terms, ETF data reflected reduced appetite among large investors.

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Bitcoin is trading far below its October 2025 record summit amid policy deadlock. 

Clarity Act negotiations expose extensive industry division and partisan strain. 

The treasury argues regulatory certainty can temper volatility and restore confidence.

U.S. Treasury Secretary Scott Bessent said Thursday that stalled crypto legislation, including the Clarity Act, could help steady volatile markets and restore investor confidence. Bitcoin has fallen about half from its October 2025 record high as Washington remains divided over digital asset regulation. Speaking to CNBC, Bessent linked part of the market’s turbulence to political and industry gridlock over the proposed market structure bill.

“Bitcoin has a history of volatile movement,” Bessent said. He added that part of the current volatility is “self-induced” because some crypto firms have blocked progress on the Clarity bill. He said a group of Democrats wants to work with Republicans on the measure, yet resistance from certain industry players has slowed negotiations.

Crypto executives have met with U.S. banking representatives and regulators at the White House over the past month to discuss the legislation. Lawyers from Ripple and Coinbase described meetings this week as “productive” and said “progress was made.” Even so, the bill remains stalled after Coinbase withdrew its support in January.

Political Divide and Industry Pushback

The Clarity Act aims to set clear rules for digital asset oversight in the United States. Coinbase pulled support over a section that would limit companies from offering yield on stablecoins to consumers. At the time, CEO Brian Armstrong said, “We’d rather have no bill than a bad bill.”

Since then, discussions have continued among crypto leaders, banking officials, and regulators. Bessent said blocking the bill “doesn’t seem to have been good for the overall crypto community.” He warned that legislative uncertainty contributes to instability in the broader market.

U.S. Treasury Secretary Scott Bessent said on Squawk Box today that Congress should fast-track the bipartisan Clarity Act to establish clear federal rules for digital assets amid ongoing market volatility.

Clear regulation could be a key catalyst for the next phase of crypto… pic.twitter.com/KSvIWcLbP7

— CoinRank (@CoinRank_io) February 14, 2026

His recent remarks were more restrained than his prior comments. Last week, he called opponents of the bill “nihilists” and said market participants who reject it “should move to El Salvador.” He later described them as “recalcitrant actors” during a television appearance.

Bessent also pointed to political risk. He said that if Democrats gain a majority in the House during the midterm elections, “the prospects of getting a deal done will just fall apart.” He referenced the Biden administration’s regulatory approach and said it nearly caused an “extinction event” for crypto.

Senate Hearing and Strategic Bitcoin Reserve

During a Senate Banking, Housing, and Urban Affairs Committee hearing on the Financial Stability Oversight Council’s annual report, lawmakers questioned Bessent about global competition. Members asked whether China is using blockchain or digital assets to challenge U.S. financial leadership.

Bessent said Treasury has not observed rumored gold-backed Chinese instruments. Still, he noted China’s activity through Hong Kong. The discussion then shifted to domestic oversight.

Bessent voiced strong support for embedding digital asset innovation within the U.S. economy under “safe, sound, and smart” supervision. He also warned that deposit volatility tied to crypto-related legislation could harm small banks by limiting their ability to lend locally.

Related: GENIUS Act Expected to Pass by Mid-July, Says Scott Bessent

Separately, Senator Cynthia Lummis raised the idea of a de minimis Bitcoin tax exemption for small transactions. She also sought clearer guidance on calculating capital gains across mixed-cost portfolios. Bessent said Treasury’s tax policy office would engage with her team.

The hearing followed earlier testimony in which Bessent said the government cannot bail out Bitcoin or direct banks to hold crypto. He added that seized Bitcoin will remain in the Strategic Bitcoin Reserve instead of being sold.

As lawmakers debate the Clarity Act and industry leaders continue negotiations, markets face ongoing uncertainty. Will Congress break the deadlock before volatility deepens further?

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XRP directs Ripple expansion across payments, lending, and treasury framework services.

Ripple advances XRPL tokenization with institutional-scale ambitions through 2026 plans.

Garlinghouse envisions a trillion-dollar valuation through the ecosystem utility model.

Ripple CEO Brad Garlinghouse has reaffirmed XRP’s central role in the company’s long-term strategy, describing the digital asset as the “North Star” guiding Ripple’s expanding financial infrastructure ambitions. He called XRP the foundation of Ripple’s purpose and platform direction. Speaking during the recent XRP Community Day virtual event, Garlinghouse told participants that every major product initiative aligns with strengthening the XRP ecosystem.

He addressed the “XRP family” directly and said XRP is not one product among many. Instead, he positioned it as the base layer supporting Ripple’s broader financial services framework. His remarks came as Ripple continues expanding its enterprise product suite.

Garlinghouse stated, “It’s our purpose,” when describing XRP’s role inside the company’s roadmap. He clarified that Ripple builds tools to enhance utility, liquidity, trust, and transaction velocity across the XRP Ledger.

LATEST: Ripple CEO Brad Garlinghouse called XRP the "North Star for Ripple," saying the company's decisions are all made in service of the XRP ecosystem. pic.twitter.com/n7Rm8C3jKq

— CoinMarketCap (@CoinMarketCap) February 12, 2026

Ripple Expands Platform Around XRP

Ripple Payments continues to extend XRP’s use in cross-border transactions. The service supports real-world settlement flows and aims to increase liquidity on demand. Through these integrations, institutions can move value quickly using XRP as a bridge asset.

Ripple develops payment systems for its decentralized exchange, which operates on the XRP Ledger. The DEX now includes permissioned domains designed to support regulated financial activity. The system enables institutions to conduct on-chain operations while maintaining their compliance obligations.

Garlinghouse described how Ripple Prime has expanded its operations. He explained that Ripple positions XRP for collateralization and lending within institutional frameworks. Ripple Treasury is also exploring treasury management payments using both XRP and the RLUSD stablecoin. Together, these units reflect Ripple’s shift toward operating as a financial infrastructure platform company.

Institutional Adoption and Tokenization Push

Ripple is expanding its product offerings while it increases its efforts to capture institutional clients. Garlinghouse identified Aviva Investors as a partner that tokenizes assets through their partnership with the global asset management company on the XRP Ledger. The collaboration shows that institutions want to use XRPL for the purpose of real-world asset tokenization.

During the same event, Ripple President Monica Long described 2026 as a turning point. She called it a year of “institutional adoption at scale,” with measurable results expected before year-end. Institutions already use XRP for settlements, treasury management, lending, and foreign exchange bridging.

Ripple Prime uses XRP as collateral and liquidity services while supporting the XLS-66 lending framework. The developments aim to expand institutional use cases throughout the entire ecosystem. Ripple develops its product roadmap according to XRP’s growing adoption.

Long-Term Ambitions and Strategic Integration

Garlinghouse also addressed Ripple’s broader ambitions. He said Ripple could become one of the first crypto companies to reach a $1 trillion valuation. He argued that a company built around ecosystem utility could reach that scale.

His comments came amid recent market volatility affecting XRP and other major crypto assets. Still, he urged participants to look beyond short-term price movements. He directed attention toward long-term financial infrastructure transformation.

Related: Ripple Custody Powers $280M Diamond Tokenization on XRP Ledger

Ripple has also pursued acquisitions and investments across prime brokerage, treasury management, stablecoins, and custody services. The company now focuses on integrating those capabilities into a cohesive platform. Garlinghouse reiterated that XRP remains central throughout that integration.

If XRP serves as Ripple’s North Star, can the ecosystem deliver institutional scale as projected?

Garlinghouse’s remarks positioned Ripple as a financial infrastructure builder operating with XRP at its core. The company continues aligning payments, lending, treasury, and tokenization initiatives around the XRP Ledger.

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KDIC gains clear legal power to request full crypto transaction histories from exchanges.

FSC interpretation closes gaps that once limited access to transfer and balance records.

Oversight expands as Korea accelerates broader investigations of digital asset flows.

South Korea’s financial regulators have tightened their grip on digital asset oversight, resolving a long-standing ambiguity in the nation’s depositor protection framework. According to reports, the latest decision grants the Korea Deposit Insurance Corporation authority to obtain detailed transaction histories from licensed virtual asset service providers.

Regulators say the clarification closes enforcement gaps that persisted despite last year’s amendments to the Depositor Protection Act. Officials further argue that the expanded access is essential to ensure digital assets cannot slip outside investigative reach during financial disputes or insolvency cases.

FSC Clarifies Data-Access Powers

A legal interpretation released by the Financial Services Commission confirms the KDIC can request transaction and transfer histories held by domestic exchanges. The ruling may sound procedural, but for regulators it resolves a question that had slowed some investigations: whether the law’s definition of “required data” covered only account-level information or extended to transactional logs held by crypto platforms.

The FSC’s view is now explicit. The amended law, which took effect in September 2024, brought digital asset operators under the KDIC’s data-submission rules. Officials say excluding transaction records would defeat the point of the reforms, which aim to trace assets in bankruptcy cases and financial disputes where individuals might attempt to hide wealth in digital markets.

According to the interpretation, KDIC requests may encompass any property or business data “necessary for demanding compensation for damages, exercising subrogation rights, or participating in litigation.” Regulators added that this includes digital asset balances and histories tied to insolvent individuals or connected parties.

Closing a Loophole in Enforcement

The original 2024 amendment was driven by unease inside the government that crypto platforms could become blind spots in investigations. Insolvency cases in particular had highlighted how digital assets might be shifted or concealed beyond the reach of traditional banking inquiries.

Until now, however, regulators were unsure whether the KDIC could compel the same depth of information from exchanges as it could from banks. The FSC’s interpretation removes that uncertainty. Officials say the earlier ambiguity had allowed some actors to exploit a grey zone between custody data and transaction logs, leaving investigators without a clear view of asset flows during financial distress.

Implications for Market Oversight

The move aligns with South Korea’s broader regulatory posture, which has hardened in stages over the past three years. The Virtual Asset User Protection Act, enacted in 2023 and fully enforced as of July 2024, already gives authorities the right to inspect platforms, sanction unfair trading activity, and require exchanges to hold customer assets in segregated accounts.

It also mandates reporting of suspicious activity, part of a wider effort to curb manipulation and safeguard retail funds. With the KDIC’s new reach, the agency’s traditional mandate widens. Founded in 1996 to protect depositors and maintain system stability, the corporation now finds itself increasingly involved in digital asset tracing when insolvency or litigation surfaces.

Industry Reaction and Regional Context

Upbit, Bithumb, and other licensed exchanges operating in Korea are expected to comply with KDIC inquiries, though some industry voices have quietly raised concerns about balancing regulatory demands with user privacy obligations.

Analysts say the development fits a regional trend: East Asian financial authorities have accelerated oversight of digital markets as AML scrutiny and cross-border enforcement intensify.

Related: RLUSD Doubles to $1.5B in Under Six Months as Ripple Expands Global Deals

A Broader Regulatory Push

The clarification arrives as Korean regulators prepare additional measures targeting suspicious trading patterns. Officials have signaled that advanced monitoring tools, including AI-driven surveillance under the Financial Supervisory Service, will play a larger role in market oversight.

Ultimately, the FSC’s stance closes a structural gap in the Depositor Protection Act by placing digital asset transaction histories on the same footing as traditional financial data. It marks another step in Seoul’s ongoing effort to build a cohesive framework around an industry that has often moved faster than regulation itself.

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According to Peter Schiff, $10,000 could be a structural level of support for Bitcoin.

During a recession, Michael Saylor’s debt refinance strategy attracts market attention.

While gold’s price remains relatively stable, Bitcoin is trading close to $66,000.

Peter Schiff reignited his long-standing criticism of Bitcoin on Wednesday as the asset traded approximately near $66k level, according to CoinMarketCap. He said long-term charts suggest initial support near $10,000. Schiff also mocked MicroStrategy executive chairman Michael Saylor’s plan to refinance debt to keep buying Bitcoin if prices fall to $8,000. His remarks come as Bitcoin remains sharply below its $126,000 record high from October and as volatility continues to pressure crypto-linked equities.

According to @Saylor, if Bitcoin is down to $8K in four years, $MSTR will refinance its debt and keep buying Bitcoin. If Bitcoin is $8K in 2030, down 94% from its 2025 high, and 60% below its 2017 high thirteen years earlier, will anyone still take Saylor or Bitcoin seriously?

— Peter Schiff (@PeterSchiff) February 12, 2026

Schiff Questions Saylor’s Debt Strategy

Schiff posted on X that Bitcoin appears to show support around $10,000 when viewed on a long-term chart. He paired that view with criticism of Saylor’s public commitment to refinance corporate debt in order to continue accumulating Bitcoin during downturns.

Looking at a long-term Bitcoin chart, it looks like it will have some initial support around $10K.

— Peter Schiff (@PeterSchiff) February 12, 2026

He asked whether anyone would still take Saylor or Bitcoin seriously if the cryptocurrency traded at $8,000 in 2030. That level would mark a 94% decline from Bitcoin’s record high above $126,000 and about 60% below its 2017 peak.

His comments revived the long-running “Gold vs. Bitcoin” debate. On February 11, Schiff noted that Bitcoin had fallen below $66,000 and was worth less than 13 ounces of gold. He added that Bitcoin trades roughly 64% below its November 2021 peak when measured against gold.

Market Data and Retail Reaction

During writing, Bitcoin traded at $66,214.78 on CoinMarketCap, reflecting a 1.2% drop over 24 hours. During the session, it climbed above $68,000 before reversing and sliding toward $65,000 in the evening. The chart showed a sharp sell-off around 6:00 PM, followed by a gradual recovery into early February 13.

Market capitalization stood at $1.32 trillion, also down 1.2%. Meanwhile, 24-hour trading volume reached $44.27 billion, a 10.93% decline. The volume-to-market-cap ratio measured 3.36%, while the fully diluted valuation registered at $1.39 trillion.

Year to date, Bitcoin has fallen nearly 23%. Strategy’s stock has declined about 18% over the same period. Still, shares rose 1.21% in pre-market trading, while Stocktwits data showed retail sentiment shifting to “bullish” from “neutral,” even as chatter eased from “extremely high” to “high.”

Related: CZ Takes Down Peter Schiff’s Bitcoin Claims in Fiery Debate

Gold Comparison and Broader Debate

Schiff argued that gold’s relative stability strengthens its case against digital assets. Gold remained above $5,000 per ounce, while Bitcoin struggled to regain firm momentum near $67,000.

He stated, “People who sold gold to buy Bitcoin made a huge mistake. The longer they wait to correct it, the more costly it becomes.” His remarks sparked strong reactions online.

Bitcoin is back below $66,000. More significantly, it is back below 13 ounces of gold—64% below its November 2021 high. People who sold gold to buy Bitcoin made a huge mistake. The longer they wait to correct it, the more costly it becomes. https://t.co/2yvGy6bSMf

— Peter Schiff (@PeterSchiff) February 11, 2026

Some crypto supporters rejected the comparison. One X user wrote, “Bitcoin and gold serve different roles in portfolios; it is not always a zero-sum choice.” The exchange kept the debate active across social platforms.

The discussion extends beyond social media. It touches corporate balance sheets and debt markets. Proponents of Saylor’s approach argue that long-term strategies can endure downturns. Critics warn that heavy leverage without hedging can amplify downside risk when sentiment shifts. The dispute now plays out in stock prices, refinancing plans, and short interest tied to Strategy’s Bitcoin exposure.

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BlackRock enables BUIDL trading on UniswapX for selected institutional investors.

Securitize manages compliance and whitelist accessibility for institutional investors.

Integration links tokenized Treasury yield funds with stablecoin liquidity rails.

BlackRock will list its Treasury-backed digital token BUIDL on Uniswap, marking a major step into decentralized finance. The world’s largest asset manager will enable institutional trading of the $1.8 billion token through UniswapX. The move, carried out with Securitize, links traditional finance with blockchain-based markets. The arrangement also includes BlackRock purchasing an undisclosed amount of Uniswap’s UNI token. 

According to a Fortune report, the partnership represents a milestone for the DeFi sector. Today, roughly $100 billion in capital sits across DeFi platforms. BlackRock launched BUIDL in 2024. The token represents a Treasury-backed yield product and holds a total market value of about $1.8 billion.

BlackRock extends its digital asset strategy through BUIDL trading on Uniswap because of its decentralized exchange capabilities. The BUIDL Integration operates through its integration system, which enables users to use BUIDL.

How the BUIDL Integration Works

To execute the integration, BlackRock partnered with Uniswap Labs and tokenization firm Securitize. Securitize manages regulatory and compliance requirements for tokenized real-world assets. The firm will also whitelist qualified institutions allowed to trade BUIDL.

BUIDL shares will trade through UniswapX. The system sources quotes from approved market makers and settles trades directly on the blockchain. All participants must complete pre-qualification through Securitize before accessing the token.

LATEST: BlackRock is partnering with Uniswap Labs and Securitize to bring its $2.4 billion BUIDL fund to UniswapX, marking its first direct DeFi move. pic.twitter.com/Ql27pA9zlT

— CoinMarketCap (@CoinMarketCap) February 11, 2026

Robert Mitchnick, BlackRock’s global head of digital assets, addressed the collaboration in a statement. “This collaboration with Uniswap Labs alongside Securitize is a notable step in the convergence of tokenized assets with decentralized finance,” he said. He added that integrating BUIDL into UniswapX advances interoperability between tokenized USD yield funds and stablecoins.

Uniswap founder and CEO Hayden Adams told Fortune the deal followed eighteen months of meetings. Discussions took place at BlackRock’s Hudson Yards office and at Uniswap’s SoHo headquarters. Adams also noted that former Uniswap COO Mary-Catherine Lader, a former BlackRock executive, helped broker the agreement.

DeFi Infrastructure Meets Institutional Controls

Uniswap operates as the largest decentralized exchange on Ethereum. The platform allows users to swap tokens directly from digital wallets within seconds. Instead of centralized intermediaries, it relies on smart contracts, liquidity pools, and automated market makers.

With BUIDL trading on Uniswap, the exchange expands into tokenized government bond products. Qualified investors will swap BUIDL around the clock using stablecoins. Approved market makers, including Wintermute, will provide liquidity for the trades.

Access remains limited to qualified purchasers. These investors must hold at least $5 million in assets to meet legal requirements. Securitize will oversee the whitelist process for institutions and selected market makers.

The current trading system will demonstrate its effectiveness through operational testing, as the existing setup will start with limited trading volumes. The study tests whether conventional financial instruments can be exchanged through decentralized platforms that operate under regulatory frameworks. The controlled rollout of the system will determine whether it enables wider adoption of tokenized stock trading through blockchain technology.

Related: BlackRock Targets Bitcoin Income Play With Covered-Call ETF Filing

A Gradual Approach to Tokenized Markets

Securitize CEO Carlos Domingo described the rollout as a measured strategy. “Large asset managers want to walk before they run and start with qualified purchasers,” he said. He added that the announced infrastructure can also support retail products in the future.

The integration connects BlackRock’s tokenized Treasury product with DeFi liquidity pools. It also links stablecoin markets with institutional-grade yield instruments. As a result, tokenized assets gain access to continuous trading and blockchain settlement.

Adams told Fortune that the partnership validates his long-standing view that asset trading will migrate to blockchain systems. He cited instant settlement and improved collateral efficiency as key advantages of tokenization. According to Adams, these efficiencies may deliver savings to the broader investing ecosystem. For now, BlackRock’s BUIDL listing on Uniswap stands as one of the clearest examples of traditional finance entering decentralized markets under structured controls.

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RLUSD doubles to $1.5B as supply climbs across exchanges and settlement channels.

Ripple expands UAE ties as Zand links RLUSD to its dirham stablecoin on XRPL.

Tokenization push grows with Ripple and Aviva bringing fund structures on-chain.

Ripple’s dollar-pegged stablecoin, RLUSD, has crossed a new threshold as it now sits at roughly $1.52 billion in market value, a jump that has unfolded in less than six months and pushed the token into a higher tier of the stablecoin market. CoinMarketCap figures put that milestone into clearer focus: RLUSD was hovering near $750 million in September 2025, and its supply has grown steadily ever since.

JUST IN: RIPPLE'S $RLUSD STABLECOIN BREAKS $1.5 BILLION MARKET CAP@Ripple's own stablecoin, RLUSD, has grown to a market cap of $1.52 billion, according to data from CMC.

This is a 100% increase in less than half a year, the asset having crossed the $750 million milestone… https://t.co/kZkDRYzmLe pic.twitter.com/ETbevkbcp5

— BSCN (@BSCNews) February 12, 2026

The climb has landed at a moment when competition among dollar-backed tokens is intensifying, and regulatory conversations in Washington continue to drag. Yet RLUSD’s trajectory appears to be moving on its clock, shaped by demand from exchanges, institutions, and cross-border settlement corridors where Ripple has spent the last year widening its footprint.

Rapid Supply Growth Since September

Per reports, market supply began picking up pace in the fourth quarter of 2025. RLUSD, which operates across the XRP Ledger and Ethereum, found its way onto more exchanges and into more payment flows.

Traders tend to interpret this kind of expansion as a sign of rising settlement demand, though Ripple has framed the growth more narrowly around institutional uptake. The company has emphasized that RLUSD is backed by cash and short-term U.S. Treasuries, an approach that fits neatly with the current regulatory climate.

That structure, combined with the dual-chain design, has helped the token land in both DeFi markets and enterprise-facing payment rails. Consequently, liquidity has deepened as circulation widened, and by early 2026, the token had effectively doubled its market cap.

UAE Partnership Broadens Regional Reach

A sizeable part of RLUSD’s momentum has come from Ripple’s push into the Gulf. Earlier this month, the firm announced a broader tie-up with Zand Bank, a digital institution in the United Arab Emirates. Under the alliance, RLUSD will be linked with AEDZ, Zand’s dirham-pegged stablecoin, on the XRP Ledger.

Zand and @Ripple, the leading provider of blockchain-based enterprise solutions across traditional and digital finance, are partnering to help advance and support the digital economy, with innovative solutions powered by the Zand AED (AEDZ) stablecoin and Ripple’s USD (RLUSD)… pic.twitter.com/8JXqjJgmTw

— Zand (@Official_Zand) February 10, 2026

Ripple says the pairing is meant to strengthen settlement corridors between the U.S. dollar and the UAE dirham in tokenized form. The UAE has shown steady interest in on-chain finance, and Zand has positioned itself as a bank built for that shift.

Reece Merrick, who oversees Ripple’s Middle East and Africa operations, said the teamwork reflects the region’s push for secure and transparent digital payment tools. Similarly, Zand CEO Michael Chan pointed to stablecoins and tokenization as forces reshaping financial infrastructure at a faster pace than many expected.

“Leveraging stablecoins, blockchain technology, and tokenization can unlock powerful new use cases as traditional finance moves on-chain,” he stated.

Tokenization Efforts Move in Parallel

Ripple has also leaned deeper into tokenization. A new partnership with Aviva Investors, announced this week, will bring traditional investment funds onto the XRP Ledger. The initiative adds another layer to the company’s pitch to institutions, which has increasingly shifted toward on-chain settlements and programmable finance.

We’re partnering with Aviva Investors to tokenize traditional funds on the XRP Ledger.

Tune into XRP Community Day to learn more about the partnership and onchain finance on the XRPL with @markusinfanger and Aviva’s Alastair Sewell.

Up Next: https://t.co/8fMPYOBcSM pic.twitter.com/1zQIhmuj21

— Ripple (@Ripple) February 11, 2026

The timing overlaps with a drawn-out policy debate in Washington. The CLARITY Act, meant to outline federal oversight for digital assets, remains stalled amid disagreements over how far stablecoin rules should reach. Per reports, lawmakers remain divided on yield programs, reserve requirements, and the division of authority between regulators.

Consequently, industry participants argue the uncertainty has slowed institutional onboarding in some segments, though others contend that issuers with transparent disclosures and conservative reserve structures are already preparing for whatever rules emerge.

Related: Citadel and ARK Invest Back LayerZero’s Zero Blockchain in Global Market Push

Regulatory Tension Shapes Market Positioning

That backdrop has added weight to RLUSD’s recent expansion. Yet, the stablecoin’s rise suggests that demand for regulated dollar-backed assets remains intact despite the policy gridlock.

With its market value now above $1.5 billion, RLUSD has edged further into a competitive field where compliance, transparency, and regional partnerships increasingly dictate momentum rather than sheer market hype.

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The UAE Central Bank approves DDSC for regulated dirham digital payments nationwide.

DDSC integrates more programmable blockchain settlement rails with dirham reserves.

Institutional clients can access compliant blockchain infrastructure thanks to FAB.

International Holding Company, First Abu Dhabi Bank, and Sirius International Holding have secured approval from the Central Bank of the United Arab Emirates to launch a dirham-backed stablecoin known as DDSC. The authorization moves the initiative into live operation and places it within the country’s regulated financial framework. The project aligns with the UAE’s strategy to integrate digital assets into mainstream banking infrastructure while maintaining strict regulatory oversight.

IHC, FAB, Sirius get Central Bank nod to launch dirham-backed stablecoin https://t.co/Jxb54l5Kbt

— Khaleej Times (@khaleejtimes) February 12, 2026

 According to the Khaleej Times, IHC and FAB first announced the initiative in April 2025. Since then, the partners have advanced the framework toward operational readiness. Currently, Sirius International Holding joins the rollout to support deployment, integration, and institutional adoption across the market.

FAB customers can access the stablecoin through various platforms that have received official approval. The framework enables organizations to implement enterprise and institutional solutions while maintaining all requirements for compliance and transparency and operational security that the Central Bank requires. 

Regulatory Framework and Institutional Scope

DDSC will operate within an established regulatory structure. In 2024, the Central Bank introduced its Payment Token Services Regulations, which established the regulatory framework for the issuance of stablecoins by United Arab Emirates-licensed entities. The framework enables regulated organizations to develop blockchain-based financial services while complying with specific compliance requirements.

DDSC will focus on high-value institutional functions. These include payments and collections, treasury operations, and large-scale settlement flows. In addition, the framework covers trade finance and supply-chain transactions that require secure digital infrastructure.

Furthermore, the stablecoin supports programmable financial services for regulated entities. The design allows automation within defined legal and financial boundaries. As a result, institutions can execute structured transactions with predictable value anchored to the UAE dirham.

Leadership Statements and Strategic Direction

“With the Central Bank’s approval and our transition into live operation, we are delivering trusted, institutional-grade infrastructure that strengthens resilience, accelerates innovation, and expands what is possible in regulated digital payments,” said Syed Basar Shueb, Chief Executive Officer of International Holding Company.

He added that DDSC functions as a programmable stablecoin backed by the UAE dirham. He stated that the initiative modernizes payments, settlement systems, and treasury workflows. He also noted that it enables secure automated transfers, including future machine-to-machine transactions and trade between AI agents as digital systems evolve.

Futoon Hamdan AlMazrouei, Group Head of Personal, Business, Wealth, and Privileged Client Banking at First Abu Dhabi Bank, addressed integration standards. She said stablecoins can integrate responsibly into the financial system when institutions design them to meet rigorous regulatory and risk requirements. She stated that FAB enables DDSC to combine regulatory oversight with blockchain infrastructure while delivering scalable solutions for institutional and government clients.

Related: UAE Central Bank Approves First US Dollar Stablecoin

Ajay Hans Raj Bhatia, Group CEO of Sirius International Holding, described the live launch as a new phase for regulated digital finance. He said Sirius will accelerate adoption and expand real-world institutional applications through ADI’s sovereign blockchain infrastructure under the UAE’s regulatory leadership.

Dirham Peg and Digital Payment Design

DDSC maintains a one-to-one peg with the UAE dirham. This structure anchors the token’s value to a reserve asset while enabling blockchain-based transfers. Unlike volatile cryptocurrencies, the stablecoin provides predictable value for regulated financial flows.

The initiative targets institutional markets rather than retail speculation. Therefore, it supports structured settlement systems, cross-border trade flows, and treasury automation. It also prepares the infrastructure for advanced digital transactions between autonomous systems.

As the UAE advances its regulated digital asset framework, DDSC enters the financial system under Central Bank approval. The project reflects coordination between corporate institutions and national regulators.

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BNM tests ringgit stablecoins and digital deposits for wholesale settlement use.

Three pilots assess cross-border payments and tokenized asset settlement flows.

Malaysia aligns with Asia’s rapid shift toward regulated tokenized financial systems.

Malaysia’s central bank has outlined a clear 2026 pathway for testing and clarifying the role of Ringgit Stablecoins and Digital Deposits within the country’s financial system. Bank Negara Malaysia (BNM) confirmed that three initiatives have been onboarded into its Digital Asset Innovation Hub (DAIH) to examine wholesale payment use cases involving tokenized deposits and ringgit-pegged stable instruments.

Bank Negara's Digital Asset Innovation Hub has onboarded 3 initiatives this year to test ringgit stablecoins and tokenised deposits, including B2B stablecoins by Standard Chartered and Capital A, and payment-focused tokenised deposits by Maybank and CIMB.

The DAIH aims to foster… https://t.co/OeYTS8h1Qa pic.twitter.com/DYqn2Nzrgs

— BFM News (@NewsBFM) February 11, 2026

The move places Malaysia among a growing list of Asian economies actively evaluating tokenized finance in controlled environments. BNM said the selected initiatives will run in 2026 under structured sandbox conditions, allowing regulators to measure the impact on monetary and financial stability before determining formal policy direction.

Testing Begins With Three Targeted Use Cases

According to an official report, the onboarding focuses on wholesale applications: cross-border payments, domestic settlements, and the mechanics behind settling tokenized assets. All activity stays within a controlled sandbox, limiting risk while giving BNM visibility into operational bottlenecks and stability implications.

The initiatives are being conducted in a joint effort with ecosystem partners, including corporate clients of financial institutions and other regulatory bodies. Besides, some trials will incorporate Shariah considerations, reflecting the structure of Malaysia’s mixed financial system.

For BNM, the sandbox is a diagnostic tool. It allows the bank to examine Ringgit Stablecoins and Digital Deposits under stress without committing to a public rollout or introducing unfamiliar instruments into the open market.

The work may eventually intersect with the central bank’s separate research on wholesale central bank digital currencies (wCBDC), though that connection remains exploratory. Since the DAIH opened in mid-2025, BNM has spoken with more than 30 industry players.

Those conversations shaped the first batch of high-impact use cases, projects the bank believes carry tangible benefits for the country’s digitalization agenda. The new cohort is the first formal result of that outreach.

Roadmap Extends Earlier Tokenization Push

The Sandbox expansion builds on a tokenization roadmap published in late 2025. That blueprint pointed regulators toward a wide set of real-world applications: supply chains, Shariah-compliant finance, access to credit, programmable settlement tools, and around-the-clock cross-border transfers.

A few experiments began to surface even before the latest announcement. In December 2025, for instance, a ringgit-pegged stablecoin called RMJDT entered sandbox testing. It was launched by Bullish Aim, a telecom firm owned by Ismail Ibrahim, the eldest son of Malaysia’s current king.

Still, RMJDT has not been opened to public trading and remains under review. Around the same time, Standard Chartered and Capital A disclosed plans to explore another ringgit-pegged instrument intended for wholesale settlement.

These efforts underscore a consistent point: Ringgit stablecoins and digital deposits are being explored strictly for institutional use, not for everyday retail payments.

Related: Bessent Pressures Coinbase as Stablecoin Reward Clash Halts Key Regulation Push

Regional Momentum Adds Pressure and Context

Across Asia, the landscape is shifting quickly. Hong Kong’s licensing regime for stablecoins is already in place, and its Project Ensemble trials are pushing tokenized deposits forward. Singapore, on the other hand, continues to shape its own framework under Project Guardian.

Not to leave out, Japan added a yen-pegged stablecoin, JPYC, in late 2025, and its largest banks began joint pilots for corporate settlement tools soon after. Malaysia is also heading in the same direction but more cautiously, using the sandbox to isolate risks and decode the legal and technical layers that come with tokenized finance.

The outcome of these 2026 trials will determine how Ringgit Stablecoins and Digital Deposits evolve inside Malaysia’s regulatory architecture and how far the central bank is willing to go as tokenized markets continue to mature.

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Tether currently holds more than $122 billion in US Treasury bills as core reserves.

USDT supply approaches 185 billion dollars with broad global circulation growth.

Tether adds close to 30 million additional users each quarter amid rapid expansion.

Tether expects to rank among the top 10 purchasers of U.S. Treasury bills this year as demand for USDT and its new USAT stablecoin accelerates. Bo Hines, who leads Tether’s U.S. subsidiary, made the projection during remarks at the Bitcoin Investor Week conference in New York City. He said expanding circulation of Tether’s dollar-pegged tokens will require a significant increase in short-term government debt holdings.

At the conference, Hines stated, “This year, I think we’ll end up being a top 10 purchaser of T-bills.” He linked that expectation directly to growth in USDT and the recently launched USAT. According to Tether’s latest attestation, 83.11% of its reserves sit in U.S. Treasury bills, totaling more than $122 billion in short-term government securities.

TETHER TARGETS TOP 10 SPOT IN U.S. T-BILL BUYERS

Bo Hines, now leading Tether’s U.S. arm, said the company expects to become one of the top 10 purchasers of U.S. Treasury bills this year.

He claims that the rising demand for USDT and its new USAT stablecoin will drive a major… pic.twitter.com/5WKUVXZpE1

— Coin Bureau (@coinbureau) February 11, 2026

USDT remains the largest stablecoin by market capitalization, with about $185 billion in circulation. As a result, Tether must maintain substantial reserves to support each token. Treasury bills, widely viewed as safe and liquid instruments, form the core of that backing strategy.

Expanding Reserves and Global Standing

Hines said Tether already ranks among the top 20 holders of Treasury bills worldwide. He noted that this position includes comparisons with sovereign states. In the U.S. Treasury’s ranking of foreign holders, Tether would sit between Germany and Saudi Arabia.

The company’s reserve strength extends beyond government debt. According to accounting firm BDO, Tether holds roughly $6.3 billion in excess reserves. Those additional funds provide an added buffer above the assets required to back tokens in circulation.

In addition to Treasurys and excess reserves, Tether maintains a large gold position. Hines said the company owns about 140 tons of gold. He described Tether as the thirteenth-largest gold holder in the world. Gold serves as a long-term store of value and adds another layer of asset support.

User Growth Drives Treasury Demand

Hines traced the surge in Treasury purchases to user growth. USDT, launched in 2014, now counts about 530 million customers worldwide. “We’re growing at about 30 million a quarter, which is pretty remarkable,” he said during the conference.

That steady expansion increases the need for liquid backing assets. Stablecoins aim to maintain a fixed value, usually equal to one U.S. dollar. To honor that promise, issuers must hold reliable and easily tradable reserves.

With $185 billion worth of USDT in circulation, Tether must match that supply with strong collateral. Therefore, rising token issuance translates into greater demand for Treasury bills. If quarterly growth continues at the current pace, Tether’s share of government debt could climb further.

Could a stablecoin issuer soon stand among the largest buyers of U.S. government debt?

Related: Tether Goes Global As Profits Power Hiring And Tech Push

USAT and GENIUS Act Compliance

Tether’s Treasury demand may also rise due to USAT, which launched late last month. Anchorage Bank issues the token, and it complies with the U.S. federal stablecoin framework known as the GENIUS Act. That law requires regulated stablecoins to maintain 1:1 backing with high-quality assets such as short-term Treasury bills.

Hines previously served as Executive Director of the White House Crypto Council under President Donald Trump. He stepped down in August after lawmakers signed the GENIUS Act into law. He said Tether continues aligning reserves with that compliance standard.

“We’re obviously increasing the amount of T-bills we have in our reserves as we move towards this GENIUS compliance standard,” Hines said. He added that USDT and USAT will remain interoperable, stating, “It’s just Tether at the end of the day.”

As user numbers grow and regulatory standards tighten, Tether continues expanding its Treasury holdings. The company’s reserve composition now links digital dollar issuance directly with the U.S. government debt market.

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Bitcoin drops to 16 monthly lows as ETF selling and cycle pressure weigh on the price.

Analysts point to 4-year cycle patterns as derivatives reshape Bitcoin price discovery.

Miners face rising stress as costs exceed prices and gold continues to outperform BTC.

Bitcoin fell below $61,000 last week, marking its lowest level in roughly 16 months as market leaders pointed to the four-year cycle, ETF redemptions, and investor rotation into gold and artificial intelligence stocks. The decline erased all gains since the November 2024 election and ranks among the largest drawdowns since 2022.

Matt Hougan, chief investment officer at Bitwise Asset Management, said investors should not blame a single trigger for the retracement. He told CNBC’s “ETF Edge” that the four-year cycle stands as the primary downward catalyst.

“People are looking for one thing to blame for the current retracement in bitcoin,” Hougan said. “But there is no one thing to blame.” He added that investors have favored other assets during the downturn. “There is some quantum risk. There is fear of [Fed nominee] Kevin Warsh,” Hougan said. “In bear markets, all these things are amplified.”

Bitcoin reached a record $126,279 in October before falling below $90,000 in November. Since then, momentum has shifted.

ETF Redemptions and Shifting Focus

Wintermute analysts linked the downtrend to exchange-traded fund redemptions and a pivot toward AI stocks. They reported that bearish momentum remains intact, although the pace of selling has eased.

https://t.co/kzr5QYb0L1

— Wintermute (@wintermute_t) February 10, 2026

 At the same time, Hougan said the current market reflects a “self-fulfilling prophecy.” He argued that structural demand still supports Bitcoin’s long-term framework despite short-term turbulence.

“There is good news underneath the surface. It’s just slow to materialize,” Hougan said. He maintained that financialization does not weaken Bitcoin’s scarcity. He noted that only 21 million coins exist and that derivative demand must eventually reach the spot market.

Bitwise manages more than $15 billion in assets and remains active in crypto ETFs. The firm launched the Bitwise Solana Staking ETF on Oct. 28 to track Solana. The fund has declined about 57% since launch, while Solana has fallen more than 30% this year.

Related: Bitcoin Crash Tied to IBIT Dealer Hedging, Says Arthur Hayes

Derivatives, Miners, and Structural Strain

Some analysts raised concerns about derivative exposure. Market commentator 0xNobler pointed to the synthetic float ratio, arguing that derivatives and ETFs create claims on Bitcoin without matching physical supply. The price discovery process is disrupted through the system disruption, establishing additional stability risks for Bitcoin markets. 

Bitcoin miners currently experience financial difficulties because market prices remain under their typical operational costs. Operators experience decreasing profit margins, together with an increased burden on their business activities. Some miners have shut down high-cost operations, which has reduced the network hashrate. In turn, distressed miners have sold assets to maintain liquidity. That selling has added short-term volatility.

Bitcoin’s recent decline forms part of a broader crypto winter that began in January 2025. Hougan estimated that crypto winters typically last around 13 months, suggesting a possible recovery in early 2026. Yet other analysts question whether the bear phase will end on that timeline.

Inflation Hedge Debate and Market Test

The economic downturn has sparked renewed discussions about Bitcoin’s capacity to function as an inflation hedge and digital gold. Larry Swedroe argued that Bitcoin does not behave as a safe-haven asset during market stress. He observed that gold has surpassed Bitcoin’s value in recent times.

The value of Bitcoin is being tested because gold is becoming more popular, and AI stocks are attracting investment. The market now weighs institutional adoption, regulatory developments, and broader economic conditions.

The central question remains: can Bitcoin sustain its scarcity-driven thesis amid derivative expansion and ETF-driven price swings?

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Bessent says Coinbase blocks the bill, as stablecoin reward limits threaten its revenue base.

Banks warn stablecoin rewards could speed deposit outflows and weaken core lending funds.

White House talks stall since both sides refuse to shift on stablecoin yield restrictions.

Washington’s long-running effort to pin down a workable crypto market structure bill hit another snag this week after Scott Bessent singled out a major industry player for slowing the process. His remarks, delivered with little cushioning, sketched a blunt storyline: the CLARITY Act is ready to move, but one company is pushing back hard enough to keep it stuck.

According to reports, he did not name Coinbase outright, though his meaning was unmistakable to anyone following the negotiations. The tension centers on a rule that might look narrow on paper but carries wide implications.

BREAKING: SCOTT BESSENT JUST BLAMED THIS CRYPTO FIRM FOR BLOCKING CLARITY ACT.

He said some crypto firms would rather have no bill than a bill they don’t like, and the clear target here is Coinbase CEO who has pushback on stablecoin yield rules.

So what’s the actual fight?… pic.twitter.com/XlbATuLGin

— Sjuul | AltCryptoGems (@AltCryptoGems) February 10, 2026

The bill’s current draft takes aim at stablecoin rewards, a revenue stream that has grown into a core piece of Coinbase’s business model. Essentially, USDC’s reserve income generates steady returns, and the exchange shares a slice of that with customers.

Lawmakers have struggled to decide whether those payouts count as simple rewards or prohibited yield. However, the debate has drifted from technical to political, and it now defines the entire bill’s fate.

The Core Dispute: Stablecoin Rewards

Based on reports, Coinbase has argued that it is not resisting oversight or new rules, but resisting this version of them. The company says the bill’s wording would force it to shut down all stablecoin reward programs, even those structured as platform incentives rather than interest-bearing products. That distinction matters.

Passive rewards paid simply for holding a token fall into one category, while incentives tied to activity or platform use fall into another. Regardless, the bill collapses both into the same label, and that is where negotiations have frozen. Banks, meanwhile, see the issue from a different vantage point. Their concern is not blockchain mechanics or token design, but deposits.

To them, reward-bearing stablecoins that reliably offer returns at a time when many savings accounts barely move could accelerate the outflow of deposits. Basically, banks depend on that funding to deliver credit cheaply. As a result, they warned lawmakers that even small shifts in customer behavior could reshape balance sheets across the sector.

Bessent’s Pressure Play

By placing Coinbase at the center of the impasse, Bessent changed the tone of the debate. Instead of a diffuse policy disagreement, the story became a showdown between a single company and a bipartisan effort to close regulatory gaps.

This marks a strategic move, where blame concentrates pressure, and pressure forces movement. If one party appears responsible for slowing a bill that Congress claims it wants to finish, the political cost increases.

The standoff already halted a Senate Banking Committee markup earlier this year after Coinbase withdrew support. Without compromise on stablecoin rewards, committee leaders say they do not have the votes for a clean advance to the Senate floor.

Related: American Fintech Council Backs Fed Payment Account Opening Access for Crypto Firms

White House Attempts to Break the Deadlock

On the other hand, administration officials have held repeated meetings with crypto firms, banking groups, and regulators to carve out a workable middle ground. Some participants pushed for clearer disclosures rather than outright bans.

Yet, bank groups floated a tougher line, urging Congress to prohibit any reward that resembles interest. Crypto executives signaled a willingness to negotiate but not at the expense of eliminating a business model that drives user engagement.

Consequently, those meetings have produced little movement so far. Both sides remain anchored to their red lines, and lawmakers say the bill cannot progress without agreement on this single issue. Everything else, including exchange permissions, market oversight, and stablecoin rules, waits on the outcome.For now, the CLARITY Act stays frozen. Until negotiators decide what counts as a reward, a yield, or something in between, the U.S. regulatory landscape continues to drift without the clarity its authors promised.

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